Malaysia’s TNB acquires 80% in two UK renewable energy firms for $235.6m

Malaysian state-owned power company Tenaga Nasional Bhd (TNB) has acquired 80 per cent stake in two UK-based renewable energy companies — GVO Wind Ltd and Bluemerang Capital Ltd  – for an enterprise value of about $235.6 million (RM923 million).

The acquisition, conducted through TNB’s subsidiary Tenaga Wind Ventures UK Ltd, marks TNB’s first foray into onshore wind in the UK.

In an announcement on Thursday, TNB said, “The acquisition is part of TNB’s five-year international expansion roadmap. Acquiring the onshore wind assets is also in line with TNB’s strategy on renewable energy expansion under ‘Reimagining Tenaga’ strategy to position TNB as one of the top global equity players by 2025.”

The portfolio of the two wind companies, with 53 operational onshore medium wind turbines, will add a total combined capacity of 26.1 MW. TNB’s total international renewable energy portfolio will be hiked to 280MW after the acquisition, it added.

The acquisition was funded through internally generated funds and borrowings.

TNB had last year acquired a 50 per cent stake in Britain’s 365 MW solar power asset from a subsidiary of Terraform Power Inc for $607.6 million (GBP 470 million). The acquisition, at that time, was the first such by TNB in the renewable energy asset in Europe. It was funded through $750 million sukuk proceeds issued by the company in October last year.

In fact, 2018 has set pace for mega renewable energy deals. In January, US-headquartered infrastructure fund manager Global Infrastructure Partners (GIP) along with co-investors closed the $5 billion acquisition of Asia Pacific’s largest renewable energy producer Equis Energy from the parent infrastructure fund manager Equis.

Also Read:

Malaysia: Tenaga buys 50% in UK solar power asset for $607m

US infra fund manager GIP completes $5b deal to acquire SG-based Equis Energy

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.